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Genetic Testing Market worth $41.48 billion by 2030 Globally, at a CAGR of 12.4% says Coherent Market Insights

Burlingame, March 21, 2024 (GLOBE NEWSWIRE) — The Global Genetic Testing Market is estimated at USD 16.22 billion in 2023 and is projected to reach USD 41.48 billion by 2030, at a CAGR of 12.4%, as per the recent study by Coherent Market Insights. The Genetic Testing Market is driven by various factors, including the increasing prevalence of genetic disorders. Genetic testing plays a crucial role in the detection and diagnosis of inherited genetic diseases, enabling healthcare professionals to provide personalized treatment and management plans for patients. With advancements in genetic testing technologies and the decreasing cost of gene sequencing, the demand for genetic testing is expected to rise significantly in the coming years.

Another driver for the market is the growing awareness and adoption of direct-to-consumer genetic testing. Direct-to-consumer genetic testing allows individuals to access and understand their own genetic information without the involvement of a healthcare professional. The ease of accessibility and affordability of these tests have made them popular among consumers who are curious about their genetic ancestry, predisposition to certain diseases, or who simply want to optimize their health and wellbeing.

Genetic Testing Market Report Coverage

Report Coverage Details
Market Revenue in 2022 $18.24 billion
Estimated Value by 2030 $41.48 billion
Growth Rate Poised to grow at a CAGR of 12.4%
Historical Data 2017–2021
Forecast Period 2023–2030
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Type, By Disease, By Technology
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers • Rise in burden of genetic and rare disorders

• Increasing application of genetic testing in oncology

Restraints & Challenges • High cost of genetic testing

• Social & ethical implications of genetic testing

Market Trends:

One key trend in the Genetic Testing Market is the increasing adoption of non-invasive prenatal testing (NIPT). NIPT is a screening test that detects chromosomal abnormalities in the fetus by analyzing cell-free fetal DNA in the mother’s blood. This test offers a safer and more accurate alternative to traditional invasive procedures such as amniocentesis and chorionic villus sampling, leading to its growing acceptance among pregnant women and healthcare providers.

Another trend is the integration of genetic testing with electronic health records (EHRs). This integration allows healthcare providers to access patient genetic information directly from the EHR system, enabling quick and efficient interpretation of test results and more personalized treatment decisions. It also facilitates research collaborations and data sharing among healthcare institutions, advancing the field of precision medicine.

Market Opportunities:

Genetic carrier testing is expected to dominate the genetic testing market. This type of testing helps individuals understand the risk of passing on certain genetic disorders to their children. With the rising prevalence of genetic diseases and an increasing focus on family planning, there is a growing demand for carrier testing. This can help individuals make informed decisions about starting a family and reduce the risk of passing on genetic disorders. As a result, the carrier testing segment is expected to hold a dominant position in the genetic testing market.

Alzheimer’s disease is projected to be the dominating disease segment in the genetic testing market. The incidence of Alzheimer’s disease is increasing globally, and there is a need for early diagnosis and treatment. Genetic testing plays a crucial role in identifying individuals at a higher risk of developing Alzheimer’s disease, allowing for early intervention and personalized care. As the prevalence of Alzheimer’s disease continues to rise, the demand for genetic testing for this disease is expected to grow significantly.

Read complete market research report, “Genetic Testing Market, By Type, By Disease, and By Technology, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030“, Published by Coherent Market Insights.

Key Developments:

In July 2022, 1health.io Inc. and Apollo Health Group collaborated to bring Apollo’s specialized high performing NGS tests, such as hereditary cancer genetic screenings and pharmacogenetics screenings to the broader clinical market.

In April 2022, MedGenome Labs announced the development and launch of an AI-enabled variant interpretation software suite, called VarMiner. It will help clinicians, molecular geneticists, and/or Genome analysts to interpret and report actionable genetic variants.

Key Market Takeaways:

Genetic Testing Market is anticipated to witness a CAGR of 12.4% during the forecast period 2023-2030, owing to the increasing demand for genetic testing for carrier testing and the rising prevalence of Alzheimer’s disease.

On the basis of technology, cytogenetic testing is anticipated to be the dominating segment. This testing method involves assessing the structure and number of chromosomes, providing valuable insights into genetic disorders. The demand for cytogenetic testing is projected to grow due to its wide application in various genetic conditions.

In terms of region, North America is expected to hold a dominant position over the forecast period. The region has a well-established healthcare infrastructure, high awareness about genetic testing, and increasing adoption of personalized medicine. These factors contribute to the growth of the genetic testing market in North America.

Key players operating in the genetic testing market include 23&Me Inc., Qiagen NV, Eurofins Scientific, PerkinElmer Inc., Illumina Inc., Danaher Corporation, and Myriad Genetics Inc. These companies focus on technological advancements and strategic collaborations to strengthen their market position and expand their product portfolio. The genetic testing market presents significant opportunities for these key players to capitalize on the growing demand for genetic testing.

Detailed Segmentation:

By Type:

  • Carrier Testing
  • Diagnostic Testing
  • New-born Screening
  • Predictive and Presymptomatic Testing
  • Prenatal Testing
  • Other Types

By Disease:

  • Alzheimer’s Disease
  • Cancer
  • Cystic Fibrosis
  • Sickle Cell Anemia
  • Duchenne Muscular Dystrophy
  • Thalassemia
  • Huntington’s Disease
  • Rare Diseases
  • Other Diseases

By Technology:

  • Cytogenetic Testing
  • Biochemical Testing
  • Molecular Testing

By Geography:

  • North America
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa

Browse through Coherent Market Insights Clinical Diagnostic Research Reports.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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Originally published at https://www.einpresswire.com/article/697637192/genetic-testing-market-worth-41-48-billion-by-2030-globally-at-a-cagr-of-12-4-says-coherent-market-insights

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